Navigating the History Log is very straightforward.
Each session is marked by a date and time-stamp, making it easy to remember when you executed a certain command.
Statements can be selected and copied from the context menu or with the normal system shortcuts.
Just like in the editor, highlighting a word or phrase displays all other occurrences, and full syntax highlighting is also supported.
Finally, the top-right options menu (Gear icon) allows you to toggle soft-wrapping of long lines (Wrap lines), and set the number of commands the History Log should remember (History).

The History Log is stored in the .spyder-py3 (Python 3) or spyder (Python 2) directory in your user home folder (by default, C:/Users/username on Windows, /Users/username for macOS, and typically /home/username on GNU/Linux).
You might need to show invisible files in order to see it on a non-Windows operating system.